ITR Refund Status: After filing income tax returns for FY 2023-24, taxpayers across the country are now waiting for their ITR refund. Now, taxpayers are experiencing delays in receiving their refunds.
It is important to note that for the individuals who are waiting for the income tax refund, the refund amount will be electronically transferred to the bank account specified during the Income Tax Return (ITR) filing process.
Let's have a quick look at the possible factors that could be contributing to delaying your income tax refund:
Invalid Bank Account Details:
The main reason for the delay in income tax refund is the invalidation of bank account details provided in the tax portal. If the bank account linked to the refund is incorrect or inactive, the refund process can be halted.
Mismatch with Form 26AS or AIS:
Taxpayers must be aware that the claims made in TDS deductions must match the details provided in Form 26AS or the Annual Information Statement (AIS).
Incorrect Tax Return Details:
Taxpayers have made minor errors while filing the ITR. These errors include incorrect personal or financial information.
Increased Scrutiny And Automated Processes:
The income-tax department has increased scrutiny of returns, using AI tools to automate the process. So, even minor mistakes can lead to delays because of this enhanced review system.
What Taxpayers Should Do To Mitigate Delays?
Verify Bank Account Details:
Taxpayers must confirm that the bank account details registered in the income tax portal are correct and active.
Double-Check Return Accuracy:
Taxpayers must cross-check personal and financial details to avoid the delay in ITR refunds.
Track Refund Status:
Taxpayers must monitor the status of the refund online through the income tax department’s portal. In case, your return is rejected then apply for apply for a refund reissue.
ITR E-Verification
Notably, to process an Income Tax Return (ITR) refund, e-verification of the return is essential. The refund is typically transferred to the taxpayer's account within four to five weeks after the ITR is e-verified.
